Company No: 10368583 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investments	3	6,302,262		6,302,262
		6,302,262		6,302,262
Current assets
Debtors
- due within one year	4	2,480,079		2,468,211
- due after more than one year	4	1,578,887		0
Cash at bank and in hand		14,165		56,983
		4,073,131		2,525,194
Creditors: amounts falling due within one year	5	( 1,860,335)		( 982,716)
Net current assets		2,212,796		1,542,478
Total assets less current liabilities		8,515,058		7,844,740
Creditors: amounts falling due after more than one year	6	( 1,608,078)		( 1,608,078)
Net assets		6,906,980		6,236,662
Capital and reserves
Called-up share capital	7	315,800		315,800
Share premium account		6,767,309		6,767,309
Profit and loss account		( 176,129 )		( 846,447 )
Total shareholders' funds		6,906,980		6,236,662

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Drake Star Partners Limited (registered number: 10368583) were approved and authorised for issue by the Board of Directors on 24 August 2026. They were signed on its behalf by:

G Bedrosian Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Drake Star Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	6,302,262		6,302,262

4. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	0		779,583
Amounts owed by connected companies	2,344,569		1,573,403
Other debtors	135,510		115,225
	2,480,079		2,468,211
Debtors: amounts falling due after more than one year
Amounts owed by own subsidiaries	1,578,887		0

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	124,481		95,644
Amounts owed to own subsidiaries	0		217,343
Amounts owed to connected companies	1,286,922		616,353
Amounts owed to related parties	25,812		25,812
Other taxation and social security	64,961		4,869
Other creditors	358,159		22,695
	1,860,335		982,716

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	1,608,078		1,608,078

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
68,837 Ordinary LP shares of US $ 0.10 each	5,334.89		5,334.89
4,800 Ordinary MP shares of US $ 100.00 each	257,957.00		257,956.64
796,695 Ordinary deferred shares of US $ 0.10 each	52,291.00		52,290.62
3,305 Ordinary AP shares of US $ 0.10 each	217.00		216.92
	315,799.89		315,799.07

During the year, on date: 31-03-2025, 400 MP Ordinary shares held by Eric Ward were transferred to Drake Star Partners Limited.